Lucid raises the price of its Air EV luxury electric car by as much as 13%

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Lucid Group is the latest automaker to raise the price of its electric vehicles.

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The company announced on Thursday along with its first quarter income statement that it is raising prices on variants of its Air luxury sedan from June 1st. The price increase increases the base price of the Air sedan by as much as 13%.

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The company said all existing booking holders will not face the price increase, noting that updated pricing for Canada will be made public on June 1. Given that Lucid has said it has 30,000 bookings for Air, it will be some time before the company sees a benefit. from these higher prices.

The Air Grand Touring will increase by about $15,000 to $154,000; The Air Touring will cost $12,400 more at $107,400; and Air Pure rises $10,000 to $87,400. The Lucid Air Grand Touring Performance model, whose price was announced two weeks ago, will remain the same at $179,000, the company said. All these prices are for base models, so the final price for buyers can be much higher.

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Other automakers such as Tesla and Rivian announced similar price hikes for their electric vehicles, blaming ongoing supply chain problems due to the pandemic and Russia’s invasion of Ukraine, as well as inflation, due to the rising costs of suppliers, which are now passed on to the consumer. In Rivian’s case, the company initially intended to raise prices for reservation holders as well, but quickly reversed that decision.

“Like many companies in our industry, we continue to face global supply chain and logistics challenges, including factory closures in China due to Covid. We are working closely with our suppliers to mitigate the impact of disruptions,” Lucid CFO Sherry House said in a statement. “While any prolonged disruption could impact our production forecast, today we reiterate our production forecast of 12,000-14,000 vehicles for 2022 based on the information we have so far, combined with our mitigation plans.”

Lucid’s delivery forecast remains unchanged and the company said it still expects delivery of the Air Grand Touring Performance in June, as well as the Air Touring and Air Pure expected later this year. Production of the Project Gravity SUV is still slated to begin in the first half of 2024, according to Lucid CEO and CTO Peter Rawlinson.

Last quarter, Lucid lowered the plan from 20,000 unitsthe figure she promised in her third-quarter earnings.

Startup EV said it’s experiencing strong demand to date, with more than 30,000 customers booked to date, representing $2.9 billion in potential sales, the company said. Whether it can sustain that demand with its current price spike is another question, but presumably those wealthy enough to buy a Lucid car will see the extra $12,000 as pocket change anyway.

The company also noted that it recently signed a deal under which the Saudi Arabian government committed to purchase up to 100,000 electric vehicles from Lucid over the next 10 years.

Lucid Motors Financial Results for the First Quarter of 2022

Lucid Motors ended the quarter with $57.7 million in revenue, which the company said was driven primarily by deliveries of 360 vehicles to customers in the three months ended March 31. year. That’s also more than expected at $53.43 million, analysts said. Yahoo Finance estimates.

The company posted a net loss of $81.3 million in the first quarter, better than last year’s loss of $748 million.

Lucid’s balance sheet shows about $5.4 billion in cash, which the company says is enough to fund operations through 2023. This is in line with analysts’ expectations for supply chain issues to ease in the second half of the year, allowing the company to ramp up production and possibly stick to its long-term growth roadmap, including product line expansion and overseas availability.

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